Article by Kevin P. Thompson
Reverse mortgages have been mentioned more often in the press, recently, and not in the best of lights. In the same circumstances that have seen banks criticized for “predatory lending”, and homeowners lambasted (or absolved) for walking away from mortgages, we are beginning to hear more and more about seniors (often the victims of this predatory lending, and scams in general) taking out reverse mortgages on their homes. However, very little, if anything is published in local papers about how reverse mortgages work.
Reverse mortgages are, in short, the release of equity in a home to the homeowner. This may be taken in payments, not unlike a stipend or a pension, or is sometimes granted in a single lump sum. The responsibility of the homeowner to pay off the original mortgage is deferred until death, the sale of their home or their change of residence. Reverse mortgages are restricted to senior citizens, more often than not; in the United States, federal law requires one to be at least 62 years of age before taking one on.
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Question by dillan: What is the best way to get reverse mortgage clients?
I have been doing loans for about 8 yrs and seems that loans are getting tougher to do. I am doing a reverse mortgage and seems to be going very smoothly. This was a referral from someone. What do you experienced loan officers suggest for finding reverse mtg clients?
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Question by Think about it: Can someone get a reverse mortgage if they already have a mortgage on their house?
If my house is worth $ 250,000 and I have a first and second mortgage that adds up to about $ 135,000 can I still qualify for a reverse mortgage? Does it depend on how much equity I have in the house or liens on the property?
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Article by Emma Robert
Understanding reverse mortgage potential is very essential in order to make use of the benefits offered by it. It is no doubt one of the best possible ways to count on your home equity.
Understanding Reverse Mortgage
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Question by Tynnetta Medley: My deceased father has a reverse mortgage – the amount owed is less than the value of the property?
I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what’s owed on the reverse mortgage? I’m 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house. So my question is do I need to take out a loan for value of house so heir can get their 3rd?
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Article by www.ReverseMortgageToday.Org
Finding lenders online who will tell you the many advantages of a Reverse Mortgage is easy.
But what are the potential disadvantages?
A Reverse Mortgage can provide emergency funds when you need it, but make sure to do your homework before applying for a one. While there are literally hundreds of reverse mortgage websites outlining the many advantages of a reverse, it is important that seniors are just as aware of some potential disadvantages.
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Article by Leonard H. Franklin
One of the biggest fears many people have is that after they retire, they will not have enough money to continue with the kind of lifestyle they are used to, or that they will even have enough money to survive at all. Even though most people have the best of intentions when it comes to saving for retirement, it can often be difficult with so many little expenses arising all the time. But if you are a homeowner, have little or no savings and are getting close to retirement, there is something that you can do to make sure that you will not have to face such problems: Consider applying for a reverse mortgage.
What Is a Reverse Mortgage?
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One of the most highly touted advantages of a reverse mortgage is that it can “provide tax-free monthly income”. While it is true that loan advances taken through a reverse mortgage are not considered to be income, and thus are not subject to income taxes, a reverse mortgage is not quite the same thing as tax-free income. If you are considering a reverse mortgage, there are a number of things you should be aware of concerning reverse mortgages, their costs and related taxes.
Loan Proceeds are Tax-free
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My in-laws are getting on in years. 75 and 73. They are struggeling to keep the house and pay bills. I’ve see the commercials for reverse mortgage, sounds good to me but they would make is sound good in a commercial. Can you tell me if this is a good thing? As long as they get money to live on while they are still alive, that’s fine. We don’t care if we inherit the house and such. Any info would be appreciated. Thanks.
My parents may be gettng a reverse mortgage, Not sure if its the best thing for them, although it is none of my business. I think they are to young to do this and they don’t owe very much on their house.
